Safestyle UK H2 2020 revenue up 15% year on year

Safestyle UK plc (LON:SFE), the leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market, has issued a trading and operations update in advance of its preliminary results announcement for the year ended 31 December 2020 on 25 March 2021.

Trading Performance

Following the Trading Update issued on 17 December 2020, the Group confirms that it expects FY 2020 revenue to be over £113m, with H2 2020 revenue up 15% year on year.  The underlying loss before taxation for the full year is expected to be approximately £(4.7)m, the loss being fully attributable to the cessation of operations during the first national lockdown in H1.  The Group returned to profit for H2 in line with expectations.  Finally, the closing net cash position is expected to be approximately £7.6m at year-end.

Operations Update

In early January, in response to the current national lockdown and in conjunction with guidance provided by the industry body, the Glass and Glazing Federation (the ‘GGF’), the Group temporarily ceased in-home selling and door canvass operations.  After close consultation with Government, the GGF further updated its guidance at the end of January and as a result, the Group has restarted in-home selling in February.  Given the context of the lockdown, Door Canvass operations remain temporarily halted.

The Group maintained remote sales appointments through January, leveraging the investment in technology and training made through 2020.  Going into the new year, management actions and investment had resulted in an order book that was over 80% higher than 2019’s closing position.  Whilst the Group continues to make use of the healthy order book built during H2 2020, the interruption of in-home sales at the start of the new financial year has had some impact on further order intake momentum.  But critically, using strict and effective COVID-safe policies, the Group has been able to maintain healthy revenue levels thus far in 2021 as its manufacturing and installation operations continue.

Outlook

The restart of in-home selling in February presents an opportunity for the Group to regain the strong order intake momentum established in H2 2020.  The business is optimistic that Door Canvass operations will be allowed to restart during Q2 2021 as the UK moves out of the current lockdown.

Given the Group’s strong order book and installation pipeline, the Board expects to make good progress in 2021.

Click to view all articles for the EPIC: ,
Or click to view the full company profile:
    Share on facebook
    Facebook
    Share on twitter
    Twitter
    Share on linkedin
    LinkedIn
    Safestyle UK Plc

    More articles like this

    OnTheMarket Plc

    OnTheMarket signs exclusive commercial partnership with Sprift Technologies

    OnTheMarket plc (LON:OTMP), the majority agent-owned company which operates the OnTheMarket.com property portal, has announced that it has signed an exclusive commercial partnership with Sprift Technologies Limited, the award-winning property data specialist. The partnership will enable OnTheMarket to provide

    AFC Energy

    AFC Energy: Feedback post Capital Markets Event

    AFC Energy plc (LON:AFC) hosted its maiden Capital Markets Event yesterday, giving an excellent summary of its progress in the last year and its prospects. The company is making good progress in commercialising its EV charging product alongside

    boohoo Plc

    Boohoo Group: FY21 Results

    Boohoo Group plc (LON:BOO) has announced results for the 12 months ended 28 February 2021, reporting a strong finish to the year, with performance ahead of ZC’s forecasts, driven by strong momentum in both the UK and USA

    AFC Energy

    AFC Energy hosting virtual Capital Markets event today

    AFC Energy plc (LON:AFC), a leading provider of hydrogen power generation technologies, will today host a virtual Capital Markets Event for investors and analysts at 2pm BST. To view the webcast, investors should join using the following link:

    boohoo Plc

    Boohoo Group revenue up 41% to £1.745 billion

    Boohoo Group plc (LON:BOO) has announced its final results for the year ended 28 February 2021.   2021 2020 Change   £ million £ million   Revenue 1,745.3 1,234.9 +41% Gross profit 945.2 666.3 +42% Gross margin 54.2%